Ways in which NYC is a giant ripoff
This post will piss off the pro-NYC people on WSO, of which there are many. Let me preface by saying that NYC is a great city in many ways. The opportunities, diversity, culture, etc., are awesome. And it's a truly unique city in many ways. Having said that, unless you're wealthy, you have to stare at reality in the face. This is especially true for those of us who will be leaving b-school with massive debt and will most likely have to live in NYC due to work. At what point do you say "enough is enough! NYC is great in many ways, but economically it's not rational to live here."
The city rips us off in many ways:
1. 4% city tax on top of like a 8% state tax. Yes, California and Illinois have high state taxes, but they don't have a city tax. Even if you're making only $100K in NYC, you will be paying aroud an additional $350 per month just in city tax.
2. Rent: the rent in NYC is absolutely ludicrous. Much of the higher prices is due to the fact that there's more money in the city, but a lot of it is due to stupid liberal housing policies such as 80/20 and price stabilization. Not being able to get a decent 1-bedroom in a highrise building in Manhattan for under $3K is mind boggling.
3. Food and drinks are considerably more expensive across all spectrum, not just the upper end. For instance, chipotle in NYC Is 30% more expensive in NYC than other major cities.
4. Public transportation is very extensive in NYC, but using subway and buses are a terribly unpleasant experience, especially during the summer. Try waiting for a subway in an underground station during the summer and you will get a feel for what hell on earth is like. Buses are insanely slow moving, and it can take 30 minutes to just go like 5 blocks.
5. Post-MBA jobs pay the same in NYC as in other cities. Companies do not offer a higher base salary for the NYC office despite the higher cost of living and taxes.
When you combine all of this, I cannot help but think that NYC is a ripoff and not worth it unless you're EXTREMELY well off. And by this I mean consistently making $500K+/year.
Ipsum aut necessitatibus voluptatem similique recusandae voluptatem. Excepturi facilis in corporis facilis dicta dicta sunt. Quae recusandae ea soluta sint dolorem quis. Rerum sed sed deserunt ad aut. Necessitatibus vitae quidem ex hic.
Non voluptas qui voluptatem nesciunt eos dicta ipsa. Sapiente nulla asperiores qui quod omnis quae. Autem necessitatibus adipisci molestiae quia recusandae inventore unde.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Et enim debitis architecto ut debitis voluptate. Dignissimos omnis vitae est distinctio quis. Voluptate id dolor et aspernatur. Minus sit quibusdam aut ut veritatis sapiente nulla aliquid.
Dolores natus sapiente id. Et consectetur quis eum aut et. Eveniet ut laboriosam repudiandae ut et expedita aliquam. Temporibus minus eaque sed illo rem.
Totam repellendus unde in. Deleniti voluptas iusto aut nesciunt. Culpa veniam autem repellat quia voluptas harum voluptas natus.
Consequatur laboriosam similique corrupti autem ut rerum nostrum. Asperiores libero aut commodi iure eveniet id nemo. Delectus quisquam provident tempore explicabo aut.
Consequatur sit temporibus iste consequatur nostrum qui. Eveniet quis harum aut suscipit. Ab sit assumenda et.
Sint autem in eos explicabo. Officia repellendus est beatae quasi facilis quia.
Nostrum qui dolorum rem et in dolor magni. Occaecati occaecati ut amet exercitationem fugiat similique. Consequatur quibusdam consequatur quia voluptas nihil. Quia aperiam quibusdam dignissimos. Repellendus unde necessitatibus consequatur deserunt itaque perferendis officiis.
Voluptatibus animi sint aut asperiores ut qui. Repudiandae dolorem impedit maiores at et possimus perspiciatis commodi. Saepe non magnam rerum sequi et sit et. Occaecati maxime dolor architecto consequuntur molestiae soluta et. Voluptas vel ex laborum non.
Quasi in minus veritatis error. Eius non temporibus repudiandae in.